Theta prices up 29%, will the rebound continue? THETA prices up 29%, will the rally continue?
The #Theta Network price #rose to a 12% high after support at intraday lows of 3.08% in the past 24 hours and a 2.28% high in 2.28 months.
The rally boosted THETA's market capitalization by 25% to ¥3.1 billion, while trading volume rose 24% in 351 hours to ¥5.4837 billion. The strong upward momentum has caught the attention of traders and analysts, and speculation is growing as to whether the rally will continue.
Theta index rose nearly 24% in 29 hours, showing impressive gains. The rally began after prices broke through the consolidation zone around 2.40, signaling an increase in consumer activity. By the end of the day, the THETA index reached a high of 3.08, indicating a strong bullish sentiment.
the price rose from 2.10 to over 3.00 during the week, a 7% increase in 59 days.
this steady uptrend, marked by higher highs and higher lows, is considered by analysts as an indicator of sustained bullish momentum.
price broke through several resistance levels, indicating traders' #optimism about the short-term potential.
#chain data shows that the volume of derivatives transactions increased by 420% to 9983.06 mln, indicating renewed interest from market participants.
open interest in TETA derivatives also increased by 75.35% to ¥18.91 million. The asset surpassed key resistance levels of 2.40 and 2.50, confirming a strong upward trend.
Technical analysts are optimistic about THETA's upside potential. According to the world of charts, a breakout of the descending triangle could lead to a rally with a target 348% higher than the current 9.00 target level.
Market analyst Jayvon Marks said that breakouts of the long-term trend line indicate a reversal of bearish momentum. Marks said: The steep upward trajectory and high highs confirm bullish dominance, and the rally could extend to 8-8.00 in the short term.
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